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Bank of America Merrill Lynch: Automation Could Replace 800 Million Jobs by 2035

Published: November 16, 2019
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Source: yahoo

Some half of all jobs worldwide — or up to 800 million total jobs — could be at risk of becoming obsolete by 2035 due to the rise of automation.

That’s the assessment from a new report written by Bank of America Merrill Lynch (BAC) analysts highlighting 10 themes to watch for the next decade — and artificial intelligence is one of them.

To make matters worse, robots are getting cheaper, the analysts said, with industrial robotic costs falling 27% from 2005 to 2014. Those costs could decline another 22% by 2025.

While the analysts acknowledge that automation isn’t a new phenomenon and has been used across the economy for decades, they predict “the next generation of robotics and automation could be even more transformative.”

Plus, it’s not just factory jobs that robots can replace.

“Increasingly office and service sector tasks are being automated due to improvements in computing and software,” the analysts wrote.

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